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photosofrichard

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About photosofrichard

  • Birthday 10/10/1985

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  • Location
    Nashville, TN

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  1. Thank you! You've given me a lot to consider.
  2. My husband and I originally planned on buying a house when we would put 5% down + closing costs and have a 4 month emergency reserve. We are on track to achieve that by fall 2021. We currently live in NYC and want to move the suburbs for more space and better educational options for our children. We're considering scrapping that plan in favor of a 0% down/no PMI portfolio mortgage (I qualify for one as a newly licensed professional) which would bump up our buying timeline by a year. We are considering upping the timeline because our rising 6th grader was placed in a crappy middle school and we cannot afford private school tuition. Renting in the suburbs is not an option because there aren't affordable apartments/homes to rent for a family of our size (family of six) in our target areas. So, is a $0 down mortgage always a bad idea? When does it make sense?
  3. I recently had my husband remove me from his cc accounts as a AU and now I'm down to two cards (Amex - $500 CL and Ally - $5k). Do I need a third one to optimize my score? Prior to removal my scores were: 760/699/683 Currently my scores are: 750 - EQ/680 - TU/671 - EX My EQ is still reporting a card I closed years ago. Current utlization (before/after): 9%/12% Bad items: 30 day late from 10/18 (under dispute for a secured card I recently closed) and a paid charge off from 8/18. I don't want another card but I want to improve my score for a future home purchase. Not looking to purchase until this time next year.
  4. You've helped me raise my scores from the 500s to the 700s and I hope you can help me again with the mortgage process. I am really anxious about making such a large financial decision but we're ready to stop renting. I have so many questions and would love just any advice you can give me on the home buying process. Background We currently have $50,000 saved for our home purchase. Income is $220,000/year (I recently graduated from law school and started working in October). Middle score is 705. Our current rent is $3,500 for a 3 bedroom/1 bathroom (we live in NYC). We put away $2,500/month for other savings goals (i.e. children's college fund and emergency savings). Between our car note and student loans, we pay $1,500 a month in debt. My husband plans to return to work when our daughter is a bit older (she's 6 months) and our income will then be at least $320,000. However, we want to "live off of" my income alone. We want to spend no more than $600,000 on a single family house. The average yearly tax bill on homes in our area is $15,000. Our lease ends in November and we have two older children in school so the earliest we would want to buy is July. Questions 1. Is my score high enough for us to get the best rate? 2. Have we saved enough for a home purchase? 3. Can we actually afford a $600k house? What hidden expenses should we be looking out for? 4. Where do we find the best lender? Thanks in advance for your help!
  5. My secured Merrick Bank account is my oldest card (3 years and 4 months) and my only account with a history missed payments (3 - 30 day lates). I've tried goodwill letters with them with no success so I'm ready to ditch this card and their fees. It's also my card with the lowest limit ($200). Without the card, my total available credit on my remaining three cards would be $8,600 (Amex - $1,500, Discover - $2,100, and Ally - $5,000). My only hesitation is that as it's my oldest card, I don't want to risk hurting my score by closing it. I've had my Amex and Ally cards for six months and my Discover card for 2 years. My score currently sits at a 705. I am not carrying any balances. So, when could I close it without taking a huge hit to my score?
  6. Thank you! I went on an app spree and received a lot of nos due to "lack of credit experience" and/or my paid charge offs but managed to get a $500 Amex EveryDay card and $5k Ally CashBack card (after they reconsidered my application).
  7. Thanks to the resources on this site, I managed to move all my scores from the 580s to the 710s within three months. So, what is my next step? I just graduated law school and will be starting a job in September where I'll be making 190k. Up until last year, I was a single mom to two with an income of ~25k. I am now remarried. All my past debts and credit issues were sustained during my former marriage. The worst thing on my report that remains is a late payment from two years ago on my Merrick Bank account (they refused my many goodwill letters) and my student loan balance (they are still in forbearance, never late). I want to start rebuilding and be able to qualify for a mortgage within a year or two. Currently, I only have one card in my name. It's a secured credit card from Merrick Bank ($200 limit). I am also an authorized user on two of my husband's accounts: Amex ($1k) and Discover ($2.2k). What should my next step be?
  8. For my new job, I need to get a collection account off my record. I do not believe I owe the debt and I am pretty sure my brother opened the account in my name (his name was on my credit file). I have tried to get them to remove it from my file for over the past year but it hasn't worked. I will not get the job if this remains on my record. The debt is for 5k. I want to offer them 1k to remove the account and I don't want them to sell the debt to someone else nor do I want to restart their ability to sue (it's outside of the SOL). Can this be done?
  9. No, however, they've posted their credit criteria and they disqualify renters who have delinquent debts with totals above $500.
  10. I want to first thank you all for your sage wisdom. Within a month, all three of my scores have increased at least 100 points. Despite the success, I am I'm a time crunch to get a few more baddies removed. I have been given an amazing opportunity to rent a beautiful apartment for ~ 1/3 of the rent I am paying now. This is a life changing opportunity for me and my two boys. However, there are some baddies on my credit report that could disqualify me. I've tried almost every method on this board to have these baddies removed to no avail. At this point, I'm considering paying them off to be eligible for the apartment. The new apartment is going to save me $26,000 a year in rent. Cavalry Portfolio Services. (Citibank OC). Past SOL. $4,641. Scheduled to be removed in 2/2019. Discover Card. $3,416. Charge-off. Still within SOL. Scheduled to be removed in 2021. Raymore and Flannnigan. $1,984. Past SOL. Scheduled to be removed 2/2019. So, what should I do? I have already threatened cavalry with litigation and they did not budge. How bad of a hit to my score should I expect if I pay discover and raymore in full? Thank you in advance for your advice!
  11. My score is based on the score reported on a rejection letter from another bank.

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